外文翻译--外商直接投资模式的解释：基于土耳其汽车产业的分析(编辑修改稿)

外文翻译--外商直接投资模式的解释：基于土耳其汽车产业的分析(编辑修改稿)内容摘要：

able conditions for FDI in Turkey, the question of its relatively poor level of FDI remained. In order to explore this issue, a survey was conducted of the 10 automakers in Turkey which have at least some element of foreign investment (the FITAMs – see Appendix 1 for a list). Five of the ten responded and supplied some considerable detail, including answers to followup queries by telephone, where answers to questions were not wholly clear. The questionnaire was structured in the form of a bination of closed (fact gathering) and open (opinion offering) questions. Perceived barriers to FDI in the auto industry It was found that the main factors believed to impede the development of the auto industry and hence act as barriers to further FDI into it were as follows: • political instability, including corruption。 • recurring economic crises, with attendant high inflation, interest rates and stagnation。 • low ine levels – these are believed to be holding back latent domestic demand。 • heavy reliance on imported ponents (inputs) – this can also be seen as the industry not achieving sufficient mass to allow local vertical integration。 and • high taxes on final vehicle sales, from 37 to 64%. One consequence of these factors, in bination, was low utilisation rates within Turkish auto plants (of the order of 50%, as already noted). A consequence of this in turn is that unit costs are higher than would be the case were something close to full capacity use to be achieved. This in turn has made Turkish exports less petitive, in the EU for example, than might have been expected. In the case of the EU market this lack of petitiveness occurs in spite of markedly higher EU labour rates. This highlights an important point, made elsewhere in a Southeast Asian context, see Foster (1997), that simply having low wage rates available is an inadequate basis for an FDI decision. The point seems obvious once made but is often glossed over because the low wage rationale for FDI is the one most frequently discussed. The sense of Turkey being in an apparently strong petitive position vis224。 vis inward FDI but failing to realise its potential because of concerns regarding political and economic stability is supported by the conclusions of a recent paper by Loewandahl and ErtugalLoewendahl (2020). Prognosis for the future of FITAMs The responding auto panies were also asked for their prognosis for the future. Those foreign manufacturers already mitted to Turkey, as were our respondents, are cautiously bullish. Conclusions, in brief, were: • none of the responding FITAMs had plans to withdraw nor expected petitors to do so。 indeed • three of the five respondents had further immediate investment plans in hand and a fourth had recently pleted a significant investment。 • the consensus was nevertheless that moves into Turkey by Volkswagen and Nissan were not expected。 • political stability was seen as the key to significant expansion of the FITAMs。 • Turkey is perceived to possess countryspecific advantages (CSAs): these CSAs could underpin future FDI if the question of political stability could be resolved. CSAs monly included: • quality of labour。 • managerial ability。 • an ‘industrial mentality’ – a mindset able to cope with an industrial environment。 • an already wellconstructed industry base in autos. The issue of managerial ability is of particular interest for Turkey’s future. In a study of UK firms engaged in FDI, it was notable that panies were more worried by lack of petent local。